# AWJ: Union Jack Project Settlement & Completion Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/awj-union-jack-project-settlement-completion--75be8ad5-a469-4564-98c9-eef9af6f6b2d Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03149218 Publisher: asx Original announcement: 2026-10-06T21:19:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-06T22:12:53.325Z Atlas analysis updated: 2026-10-06T22:12:53.325Z - Company: Auric Mining Limited - Ticker: AWJ - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Agreement transaction, Resource update, Capital raise - Extracted: 2026-10-06 22:12:54 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Auric Mining Limited has completed the acquisition of the Union Jack Project for A$6.5 million cash and A$3.0 million in shares. This strategic move adds an Inferred Mineral Resource of 3.12 million tonnes at 1.02 g/t gold for 102,000 ounces, increasing the company's total gold resource by 51% to 301,000 ounces. The project, located near the Burbanks processing facility, offers near-term open pit gold mining potential, with a major drill program planned for November 2026 to expand resources. Reasoning: Auric Mining has successfully completed a strategic acquisition of the Union Jack Project, which significantly boosts its gold resource inventory and provides a near-term production opportunity. While the Union Jack resource is currently entirely Inferred, the acquisition aligns with the company's growth strategy and includes plans for further drilling to upgrade and expand the resource. - Positive factor: Strategic acquisition of Union Jack Project completed - Positive factor: Significant increase in company's total gold resource inventory by 51% - Positive factor: Union Jack Project offers near-term open pit gold mining opportunity - Positive factor: Project located within trucking distance of existing processing facility - Positive factor: Planned major drill program to expand resources - Negative factor: Union Jack resource is entirely Inferred, representing lower confidence - Negative factor: Historical drill results mentioned in highlights lack specific hole IDs for verification Facts used in scoring: 10 ## Classification and evidence **Strategic Acquisition** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company completed the acquisition of the Union Jack Project, which is described as fitting its strategy of acquiring near-term gold production assets. Evidence · text > Settlement completed to purchase Union Jack granted mining lease \(M15/120\) **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The Union Jack acquisition increases Auric’s current Mineral Resource inventory by 51%, to 7.5Mt @ 1.25g/t gold for 301,000 ounces. Evidence · text > Union Jack increases Auric’s current Mineral Resource inventory by 51%, to 7.5Mt @ 1.25g/t gold for 301,000 ounces. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Union Jack Mineral Resource estimate is entirely classified as Inferred. Evidence · text > Union Jack’s Inferred Mineral Resource estimate of 3.12Mt @ 1.02g/t Au for 102,000 ounces **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Union Jack resource is 100% Inferred, as stated in the resource estimate. Evidence · text > Union Jack 0.5 g/t Inferred 3,100 1.02 102 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The announcement includes a Competent Person Statement confirming that the information relating to Mineral Resources is extracted from a previous ASX announcement and that the Competent Person’s findings have not been materially modified. Evidence · text > Competent Person Statement The information in this announcement that relates to exploration results and Mineral Resources is extracted from the announcement to the ASX entitled Union Jack Project Strategic Acquisition and Resource Upgrade dated 9 September 2026 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an updated combined Mineral Resource Estimate for the company, incorporating the new Union Jack resource. Evidence · text > Current Mineral Resource Estimates ## Extracted facts Stored fact records: 9. Some facts used in scoring do not have a stored record. ## Resource Estimates (9) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/awj-union-jack-project-settlement-completion--75be8ad5-a469-4564-98c9-eef9af6f6b2d#fact-resource-facts-1) Union Jack · gold #### Identity - Project: Union Jack - Commodity: gold - Ticker: AWJ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a5f408f4110a6db9cb21 #### Resource Data - Category: inferred - Tonnes: 3100000 - Grade: 1.02 - Grade Unit: g/t - Contained Metal: 102 - Contained Unit: k oz au - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: The maiden Inferred Mineral Resource for Union Jack adds substantial gold ounces to the company's portfolio, supporting the acquisition's value, though its Inferred classification indicates early-stage confidence. - Positive factor: New resource estimate for the acquired project - Positive factor: Adds significant gold ounces to company inventory - Positive factor: Open pit potential - Negative factor: Resource is entirely Inferred, indicating lower geological confidence Evidence · text > Union Jack’s Inferred Mineral Resource estimate of 3.12Mt @ 1.02g/t Au for 102,000 ounces #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/awj-union-jack-project-settlement-completion--75be8ad5-a469-4564-98c9-eef9af6f6b2d#fact-resource-facts-2) Union Jack · gold #### Identity - Project: Union Jack - Commodity: gold - Ticker: AWJ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9a566667a18f7c007d41 #### Resource Data - Category: inferred - Tonnes: 2160000 - Grade: 1.22 - Grade Unit: g/t - Contained Metal: 85 - Contained Unit: k oz au - Cutoff Grade: 0.65 - Cutoff Unit: g/t Au #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Reporting a higher-grade subset of the Inferred resource at a higher cut-off demonstrates the potential for selective mining and provides a positive indication for future processing feed, despite the overall Inferred classification. - Positive factor: Highlights higher-grade inventory potential at a higher cut-off - Positive factor: Supports potential for additional feed for processing plant - Negative factor: Resource is entirely Inferred Evidence · text > Using a 0.65g/t Au cut-off within the same optimised pit shell, the Project contains an Inferred Mineral Resource Estimate of 2.16Mt at 1.22g/t Au for 85,000 ounces of gold. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/awj-union-jack-project-settlement-completion--75be8ad5-a469-4564-98c9-eef9af6f6b2d#fact-resource-facts-3) Munda · gold Historical result Needs review: historical\_restatement #### Identity - Project: Munda - Commodity: gold - Ticker: AWJ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:849189fc19dbe74ffa3b - Deposit or zone: in situ #### Resource Data - Category: indicated - Tonnes: 3500000 - Grade: 1.45 - Grade Unit: g/t - Contained Metal: 163 - Contained Unit: k oz au - Cutoff Grade: 0.5 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-25T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: This is a previously reported Indicated resource for the Munda project, providing a baseline for the company's existing assets, but it is not new information. - Positive factor: Indicated resource category provides good confidence - Negative factor: Historical data, not new information in this release Evidence · table > 1.45 Context: 3,500 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/awj-union-jack-project-settlement-completion--75be8ad5-a469-4564-98c9-eef9af6f6b2d#fact-resource-facts-4) Munda · gold Historical result Needs review: historical\_restatement #### Identity - Project: Munda - Commodity: gold - Ticker: AWJ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c462510c6b67018d13ad - Deposit or zone: in situ #### Resource Data - Category: inferred - Tonnes: 700000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 29 - Contained Unit: k oz au - Cutoff Grade: 0.5 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-25T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: This is a previously reported Inferred resource for the Munda project, providing context for the company's existing assets, but it is not new information and has lower confidence. - Negative factor: Historical data, not new information in this release - Negative factor: Inferred resource category indicates lower confidence Evidence · table > 1.3 Context: 700 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/awj-union-jack-project-settlement-completion--75be8ad5-a469-4564-98c9-eef9af6f6b2d#fact-resource-facts-5) Munda Stockpiles · gold Historical result Needs review: historical\_restatement #### Identity - Project: Munda Stockpiles - Commodity: gold - Ticker: AWJ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:b517f9e7600f4dfaec30 - Material type: stockpile #### Resource Data - Category: indicated - Tonnes: 76000 - Grade: 0.81 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: k oz au #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-25T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: This is a previously reported Indicated resource for Munda stockpiles, representing a small but readily available portion of the company's existing assets, but it is not new information. - Positive factor: Indicated resource category provides good confidence - Positive factor: Stockpile resource represents readily available material - Negative factor: Historical data, not new information in this release Evidence · table > 0.81 Context: 76 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/awj-union-jack-project-settlement-completion--75be8ad5-a469-4564-98c9-eef9af6f6b2d#fact-resource-facts-6) Jeffreys Find · gold Historical result Needs review: historical\_restatement #### Identity - Project: Jeffreys Find - Commodity: gold - Ticker: AWJ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:2a74cdfcb38835f37011 #### Resource Data - Category: indicated - Tonnes: 10000 - Grade: 2.1 - Grade Unit: g/t - Contained Metal: 1 - Contained Unit: k oz au - Cutoff Grade: 0.5 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-04-30T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: This is a previously reported, very small Indicated resource for Jeffreys Find, providing minimal new information in this release. - Positive factor: Indicated resource category provides good confidence - Negative factor: Historical data, not new information in this release - Negative factor: Very small resource size Evidence · table > 2.1 Context: 10 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/awj-union-jack-project-settlement-completion--75be8ad5-a469-4564-98c9-eef9af6f6b2d#fact-resource-facts-7) Jeffreys Find · gold Historical result Needs review: historical\_restatement #### Identity - Project: Jeffreys Find - Commodity: gold - Ticker: AWJ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:d5b573dd2a9dc4e5ce39 #### Resource Data - Category: inferred - Tonnes: 70000 - Grade: 1.8 - Grade Unit: g/t - Contained Metal: 4 - Contained Unit: k oz au - Cutoff Grade: 0.5 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-04-30T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: This is a previously reported, very small Inferred resource for Jeffreys Find, providing minimal new information and having lower confidence. - Negative factor: Historical data, not new information in this release - Negative factor: Inferred resource category indicates lower confidence - Negative factor: Very small resource size Evidence · table > 1.8 Context: 70 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/awj-union-jack-project-settlement-completion--75be8ad5-a469-4564-98c9-eef9af6f6b2d#fact-resource-facts-8) Combined · gold #### Identity - Project: Combined - Commodity: gold - Ticker: AWJ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7f6c3ae141b6bc940a92 #### Resource Data - Category: indicated - Tonnes: 3586000 - Grade: 1.44 - Grade Unit: g/t - Contained Metal: 166 - Contained Unit: k oz au - Cutoff Grade: 0.5 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: The combined Indicated resource reflects a substantial and confident portion of the company's total gold inventory, contributing positively to overall project viability. - Positive factor: Indicated resource category provides good confidence - Positive factor: Represents a significant portion of the company's total resource Evidence · table > 1.44 Context: 3,586 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/awj-union-jack-project-settlement-completion--75be8ad5-a469-4564-98c9-eef9af6f6b2d#fact-resource-facts-9) Combined · gold #### Identity - Project: Combined - Commodity: gold - Ticker: AWJ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f40d3c531cce4344bc1e #### Resource Data - Category: inferred - Tonnes: 3870000 - Grade: 1.08 - Grade Unit: g/t - Contained Metal: 135 - Contained Unit: k oz au - Cutoff Grade: 0.5 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: The combined Inferred resource significantly increases the company's total gold ounces, but its lower confidence category means further work is required for de-risking. - Positive factor: Adds significant gold ounces to company inventory - Negative factor: Inferred resource category indicates lower confidence Evidence · table > 1.08 Context: 3,870 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.